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83 Wythe Avenue

The Development Site property located in New York that spans 55,026 square feet sold for $20,000,000 or $363 PPSF. The deal closed 3 months and 15 days ago. The brokers of the deal were Paul Massey, DJ Johnston, Bryan Kirk, Robert (Rob) Moore and Christian Kane

  • Location image 83 Wythe Avenue, Brooklyn, New York 11249, United States
  • Sold Value
    image $20,000,000
    image $363
  • Asset Type image Development Site
  • Area image 55,026 SF
  • Parties image5 Brokers,1 Agency
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Paul Massey

B6 Real Estate Advisors
  • Deals 3
  • Volume $133,900,000
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DJ Johnston icon

B6 Real Estate Advisors
  • Deals 57
  • Volume $377,740,000
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Bryan Kirk

B6 Real Estate Advisors
  • Deals 14
  • Volume $85,320,000
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Robert (Rob) Moore

B6 Real Estate Advisors
  • Deals 10
  • Volume $79,970,000
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Christian Kane

B6 Real Estate Advisors
  • Deals 5
  • Volume $143,950,000
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Comparables: 83 Wythe Avenue

Showing 4 of 20

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Price Icon $22,349,478

  • StatusSOLD, $714 PPSF
  • Date08/25/22
  • Address1633 East 16th Street, Brooklyn, New York 11229, United States
  • Address1633 East...
  • AssetDEVELOPMENT SITE
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Price Icon $20,600,000

  • StatusSOLD, $106 PPSF
  • Date08/16/22
  • Address160 Van Cortlandt Park South, The Bronx, New York 10463, United States
  • Address160 Van...
  • AssetDEVELOPMENT SITE
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Price Icon $17,321,500

  • StatusSOLD, $364 PPSF
  • Date07/14/22
  • Address29 Clay Street, Brooklyn, New York 11222, United States
  • Address29 Clay...
  • AssetDEVELOPMENT SITE
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Price Icon $19,865,703

  • StatusSOLD, $135 PPSF
  • Date06/30/22
  • Address119-17 Union Turnpike, Queens, New York 11375, United States
  • Address119-17 Union...
  • AssetDEVELOPMENT SITE
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This Deal on Social

SALE
IMAGE: Paul Massey, DJ Johnston, Bryan Kirk, Robert Moore & Christian Kane
DATE: 06/22/2022
ADDRESS: 83 Wythe Avenue
MARKET: Williamsburg
ASSET TYPE: Development Site

BUYER: Double U Realty
SELLER: Cayuga Capital Management
BROKERS: Paul Massey, DJ Johnston (@B6RealEstate_JohnstonTeam), Bryan Kirk, Robert Moore & Christian Kane (@Christian.A.Kane) – B6 Real Estate Advisors (@B6RealEstate)

SALE PRICE: $20,000,000
BSF: 55,026 ~ PPBSF: $363

NOTE FROM BROKERS: B6 Real Estate Advisors has successfully sold 83 Wythe Avenue, a 150’ x 157’ commercial development site on the corner of North 11th Street and Wythe Avenue in Williamsburg, Brooklyn. The sale price was $20,000,000, equating to $363 per buildable square foot, or $890 per land square foot. The property is a vacant 22,363 SF M1-2 lot, with an FAR of 2.0 or 44,726 BSF as-of-right. An additional 10,300 BSF of air rights were transferred from the neighboring property, offering a total of 55,026 buildable square feet, in aggregate. We were originally marketing this lot as a package with the neighboring 35,000 SF retail building, asking $65,000,000 in total. Through extensive marketing and price discovery, it became apparent that in order to maximize value for the seller, it would be more advantageous to split the assemblage into two separate offerings: the development site (83 Wythe Avenue), and the cash flowing retail and office building (87 Wythe Avenue). This adjustment could prove to net the seller 5-10% more in proceeds. For a full case study on the 83 Wythe Avenue sale, or for additional information regarding the active listing next door at 87 Wythe Avenue, please feel free to reach out. Bryan Kirk 646-933-2624 bkirk@b6realestate.com

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SALE
IMAGE: Paul Massey, DJ Johnston, Bryan Kirk, Robert Moore & Christian Kane
DATE: 06/22/2022
ADDRESS: 83 Wythe Avenue
MARKET: Williamsburg
ASSET TYPE: Development Site

BUYER: Double U Realty
SELLER: Cayuga Capital Management
BROKERS: Paul Massey, DJ Johnston (@B6RealEstate_JohnstonTeam), Bryan Kirk, Robert Moore & Christian Kane (@Christian.A.Kane) – B6 Real Estate Advisors (@B6RealEstate)

SALE PRICE: $20,000,000
BSF: 55,026 ~ PPBSF: $363

NOTE FROM BROKERS: B6 Real Estate Advisors has successfully sold 83 Wythe Avenue, a 150’ x 157’ commercial development site on the corner of North 11th Street and Wythe Avenue in Williamsburg, Brooklyn. The sale price was $20,000,000, equating to $363 per buildable square foot, or $890 per land square foot. The property is a vacant 22,363 SF M1-2 lot, with an FAR of 2.0 or 44,726 BSF as-of-right. An additional 10,300 BSF of air rights were transferred from the neighboring property, offering a total of 55,026 buildable square feet, in aggregate. We were originally marketing this lot as a package with the neighboring 35,000 SF retail building, asking $65,000,000 in total. Through extensive marketing and price discovery, it became apparent that in order to maximize value for the seller, it would be more advantageous to split the assemblage into two separate offerings: the development site (83 Wythe Avenue), and the cash flowing retail and office building (87 Wythe Avenue). This adjustment could prove to net the seller 5-10% more in proceeds. For a full case study on the 83 Wythe Avenue sale, or for additional information regarding the active listing next door at 87 Wythe Avenue, please feel free to reach out. Bryan Kirk 646-933-2624 bkirk@b6realestate.com

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Contact Paul Massey

Paul Massey was born in Boston, Massachusetts where he attended the Roxbury Latin School. He graduated from Colgate University with...

Mr. Johnston is a Partner, Senior Managing Directors at B6 Real Estate Advisors, where he oversees investment sales in Brooklyn’s...

Mr. Kirk is a Director at B6 Real Estate Advisors, where he works alongside Robert Moore, Director, focusing on investment...

Robert Moore is a Director of Investment Sales at B6 Real Estate Advisors, specializing in the sale of multifamily, retail...

Christian Kane is an Associate on The Massey Team at B6 Real Estate Advisors. In his role, Mr. Kane focuses...

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